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also tossed around a name out there, erskine bowles. one of the two bowles-simpson. and if the president was to embrace bowles-simpson and put erskine bowles at treasury, would that be a signal that he is in it for the long haul on bowles-simpson in the broad term? >> i think it would be. it would be a brilliant idea. if he can get some kind of agreement on the lines of their recommendations, that will be a triumph. politically for him. and i think also, the country will benefit. i think one thing he might do if it's not bowles would be to offer the treasury to romney. i'm sure he would probably turn it down but it would be the ultimate gesture. i don't think it will happen. i agree john kerry will probably end up at secretary of state. i must say that my sources in the obama white house have been rather quiet since january 2009. [ laughter ] so i'm not sure i have any other inside information. i do that panetta is an interesting man, because he has said that the sequestration, the reduction of funds of the pentagon pentagon happens it will destroy and hallow out the
also tossed around a name out there, erskine bowles. one of the two bowles-simpson. and if the president was to embrace bowles-simpson and put erskine bowles at treasury, would that be a signal that he is in it for the long haul on bowles-simpson in the broad term? >> i think it would be. it would be a brilliant idea. if he can get some kind of agreement on the lines of their recommendations, that will be a triumph. politically for him. and i think also, the country will benefit. i think...
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Nov 8, 2012
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simpson bowles is the way forward. they didn't raise tax rates they eliminated deductions. all but two. interest on your home with a cap and charitable deductions and they had 25% corporate rates. they took that $1 trillion and they put some of it on the debt and some of it on the buy down rates. that is what i think will wind up doing and we'll come together on the spending cuts. i'm optimistic after hearing john boehner today that revenue would be on the table in the form of simpson bowles. if you look at the polls. a lot of them do support raising taxes on the wealthiest americans. he said he wouldn't support it. harry r are eid said he would insist on those taxes being raised. the gang of six. three republicans and three democrats simpson bowles rejected higher tax rates and raised revenue by eliminating deductions and creating economic growth. >> did that get you where you need to be on deficit reduction? >> absolutely it does. there is $1 trillion out there every year that we give away through the tax code. take that $1 trillion back and apply some of it through the d
simpson bowles is the way forward. they didn't raise tax rates they eliminated deductions. all but two. interest on your home with a cap and charitable deductions and they had 25% corporate rates. they took that $1 trillion and they put some of it on the debt and some of it on the buy down rates. that is what i think will wind up doing and we'll come together on the spending cuts. i'm optimistic after hearing john boehner today that revenue would be on the table in the form of simpson bowles....
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Nov 17, 2012
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>> the simpson bowles plan has two revenue components. one is they assume in their baseline, in their starting point, that you will get the same amount of revenue you would achieve if you allowed the top rate to go back to clinton era levels, a little over 39%. on top of that, they generate about a trillion dollars through tax reform. so what we've said is if you want to hit the deficit reduction targets of simpson bowles, you need to be able to get the amount of revenue that's assumed in their deficit numbers. and that is much closer to the president's proposal of 1.6 trillion. in fact, the president's $1.6 trillion revenue is less than the total amount of revenue that simpson bowles assumes as part of their package. and the president achieves that through a combination of having the rate go up, but also through a tax reform proposal. his proposal, the president's, would limit the value of deductions for high income earners to 28%. >> let's talk about the tax hike that may be in play at this point. do you think that president obama recei
>> the simpson bowles plan has two revenue components. one is they assume in their baseline, in their starting point, that you will get the same amount of revenue you would achieve if you allowed the top rate to go back to clinton era levels, a little over 39%. on top of that, they generate about a trillion dollars through tax reform. so what we've said is if you want to hit the deficit reduction targets of simpson bowles, you need to be able to get the amount of revenue that's assumed in...
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Nov 9, 2012
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that was part of the baseline assumptions in simpson bowles. it's important to keep that in mind when we talk about the balanced approach we need. cuts and also the revenues. >> that's the numbers part of it. there's also the political component of this. it was said all along that this is going to have to wait. we're going to have to deal with the fiscal cliff after the election. but most of the tea partiers were reelected in the house. i'm wondering how you think this is going to move forward. are you more worried about john ba boehner or eric cantor? >> the republicans are going to have to work out their politics in the caucus. some of the most high profile tea party members were defeated. i think in the senate races, republicans had a strong reaction to their tea party candidates. but i'm not counting on a conversion of the tea party members, but i am counting on the fact that the fiscal cliff creates a potential for risks, but also for opportunities. i think it's absolutely unsustainable for the republicans to continue to take the position
that was part of the baseline assumptions in simpson bowles. it's important to keep that in mind when we talk about the balanced approach we need. cuts and also the revenues. >> that's the numbers part of it. there's also the political component of this. it was said all along that this is going to have to wait. we're going to have to deal with the fiscal cliff after the election. but most of the tea partiers were reelected in the house. i'm wondering how you think this is going to move...
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Nov 13, 2012
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simpson bowles, similar framework getting rid of some tax credits, adding gasoline tax, more spending cuts. do you have any sense of what an overall framework, how big of a deal, what a ratio of cuts to revenue increases might look like, what the target they are aiming for would be? >> it's hard to wrap your mind around that. one of the ironies is the default option plus the rates going up is far to the left of anything that's been put out there. any of these things that the think tanks have done. >> except that it's a immediate deficit-cutting measure, which is not what the left wants. >> so far to the left on revenues and the amount of deficit reduction we get in year one is far higher than any of the other plans. which means once you're over the cliff, you have a lot of leeway to be generous and say, we don't need to cut spending so much. we can give some on taxes. the simpson bowles plan, which people now seem to like, and particularly on the right are waking up, their baseline assumed that the bush tax cuts for those making above $250,000 would go away. that was their baseline as
simpson bowles, similar framework getting rid of some tax credits, adding gasoline tax, more spending cuts. do you have any sense of what an overall framework, how big of a deal, what a ratio of cuts to revenue increases might look like, what the target they are aiming for would be? >> it's hard to wrap your mind around that. one of the ironies is the default option plus the rates going up is far to the left of anything that's been put out there. any of these things that the think tanks...
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Nov 14, 2012
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if he leads on this and gets a deal along the line of sim southern bowles of what -- simpson-bowles and john talks about. i am co-chair with judd greg to fix the the debt, we've raised $35 million from businesses, over 200 businesses that have signed on our petition knowing full well that means raising significant risk new. business understands. the reason the president is meeting with them, he wants business to deliver that message to the republicans, we want this done and getting it done means raising revenue. >> listen, isn't the trick that rich folks and that businesses that are plutocrat friends are trying to pull, raise our personal income tax rate because most of them don't pay it. most pay their taxes through the capital gains tax. >> which is another piece. >> where they get to keep their 15% capital gains tax rate, lower their corporate rates which is how they pay their taxes. income tax rates don't matter because they will find shelters in the cayman islands. >> the only way it works to lower the corporate rates close a lot of those loopholes. >> that sounds on what mitt romn
if he leads on this and gets a deal along the line of sim southern bowles of what -- simpson-bowles and john talks about. i am co-chair with judd greg to fix the the debt, we've raised $35 million from businesses, over 200 businesses that have signed on our petition knowing full well that means raising significant risk new. business understands. the reason the president is meeting with them, he wants business to deliver that message to the republicans, we want this done and getting it done...
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Nov 20, 2012
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. >> what is the likelihood life can be breathed back into simpson-bowl simpson-bowles? >> it's certainly possible, but what we are seeing right now, i think from conversations with both sides is this idea that, all right, we saved the tax cuts making 250 or below. we have to figure out what happens to the top number, whether or not we close tax corporate loopholes and then after we figure that out, we can have a meaningful discussion about entitlements and tax reform. simpson-bowles has proponents on both sides but i suspect once you get into the discussions between speaker boehner and president obama's team, what you will see is a promise from the white house regarding entitlements and some sort of promise from speaker boehner about the top tax rate. we don't know how quickly they can get anywhere. >> thank you, luke. i want to bring in senator bernie sanders of vermont, an independent who caucuses with the democrats and he serves on the senate budget committee in congress, joint economic committee. you wrote an op-ed piece in politico saying that we must not balance t
. >> what is the likelihood life can be breathed back into simpson-bowl simpson-bowles? >> it's certainly possible, but what we are seeing right now, i think from conversations with both sides is this idea that, all right, we saved the tax cuts making 250 or below. we have to figure out what happens to the top number, whether or not we close tax corporate loopholes and then after we figure that out, we can have a meaningful discussion about entitlements and tax reform....
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Nov 11, 2012
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i take my lead on this from simpson-bowles and their framework. in their framework, they assume the amount of revenue as if you started tax reform from a 3% rate. that is part -- 39% rate. that's part of their built-in assumption. i am all for doing tax reform. the issue is from what starting point. the simpson-bowles starting point which assumes the revenue from 39% is the right way to go to get the mix that they got in hitting their deficit reduction target. but look, if what the speaker boehner was saying is that he is truly willing to get what we consider congressional budget office revenue, we can work with one another. if what he is saying is what a lot of republicans used to say, which is we're just going to lower rates on the wealthy and that is going to somehow generate enough snore no. he was talking about closing loopholes and deductions. >> but grover norquist doesn't think that -- >> chris: the -- >> let me be clear. the tone was good. the jury is still out on what the substance of what he said is. others may be able to clarify. he sa
i take my lead on this from simpson-bowles and their framework. in their framework, they assume the amount of revenue as if you started tax reform from a 3% rate. that is part -- 39% rate. that's part of their built-in assumption. i am all for doing tax reform. the issue is from what starting point. the simpson-bowles starting point which assumes the revenue from 39% is the right way to go to get the mix that they got in hitting their deficit reduction target. but look, if what the speaker...
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Nov 28, 2012
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. >> texas senator john cornyn says the bipartisan simpson-bowles deficit plan offered meaningful savings worth pursuing. >> they identified $1.1 trillion tax expenditures, benefits, deduction, credit and the like that could be cut as part of grand bargain. we ought to look at that. we need to flatten the code, simplify it and make it pro-growth. >> on the democratic side, senate majority leader harry reid told reporters he would like credit for what congress previously cut. >> we have already done a billion dollars worth of cuts. >> today, the top democrat in the house took a similar approach. >> i think it's important to note we have already agreed to $1.5 trillion in cuts in the budget control act and other acts in this session of congress. so now we wait to see the revenue piece to that. >> asked what she would be willing to slash as part of this deal? >> we'll be talking about that later. >> rank and file house members say they realize more must be done now. >> we can means test entitlements, so for folks making $1 million year, you know, maybe they aren't able to access medicare. th
. >> texas senator john cornyn says the bipartisan simpson-bowles deficit plan offered meaningful savings worth pursuing. >> they identified $1.1 trillion tax expenditures, benefits, deduction, credit and the like that could be cut as part of grand bargain. we ought to look at that. we need to flatten the code, simplify it and make it pro-growth. >> on the democratic side, senate majority leader harry reid told reporters he would like credit for what congress previously cut....
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i'm willing to say yes to simpson/bowles. >> reporter: today the broad outlines of bowles/simpson are the backbone of what's being discussed in the fiscal cliff negotiations. their plan was a mixture of the president's call for higher taxes, plus the republican call for tax reform and lower deductions. in medicare and social security bowles and simpson say the nation has no choice but to cut future benefits for those earning high incomes. we spoke to both men in washington. >> right now the president is under pressure not to touch social security and medicare. >> of course. so don't touch it. let's just let the damn thing rock along, grab your shorts you know get ready for the fun. >> let them go broke. >> let them go. >> if we don't touch them if we just take them off the table, you know what's going to happen? you know? we're not going to be able to spend money on whatever else it is you love. >> we asked both bowles and simpson if they were encouraged by at least the tone of compromise coming from congress and the president. >> based on what you see at the white house right now, ar
i'm willing to say yes to simpson/bowles. >> reporter: today the broad outlines of bowles/simpson are the backbone of what's being discussed in the fiscal cliff negotiations. their plan was a mixture of the president's call for higher taxes, plus the republican call for tax reform and lower deductions. in medicare and social security bowles and simpson say the nation has no choice but to cut future benefits for those earning high incomes. we spoke to both men in washington. >> right...
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. >> but he didn't back simpson bowles, which had the same plan. >> but the framework of his proposal, a mix of cuts and revenue, is much closer to simpson bowles than anything the republicans have put on the table. >> so, will the president negotiate this himself? a lot of reason people were upset with him, that the country was slit on this election was because it seems other people got the job of doing that actual nitty-gritty during the negotiation. is that going to change this time? >> i think the president will be directly involved. he was in the conversations with speaker boehner and i would say that while this was a kind of close election, the reality is the president had the decisive victory and the president is very clear on this point that this was a choice election. that's the one thing he and mitt romney agreed on, right? you can assure that if mitt romney and paul ryan had won, they'd say they have a mandate r for imposing the ryan romney budget. the president talked about this issue. he says we need to ask higher income individuals to pay more to generate revenue, as par
. >> but he didn't back simpson bowles, which had the same plan. >> but the framework of his proposal, a mix of cuts and revenue, is much closer to simpson bowles than anything the republicans have put on the table. >> so, will the president negotiate this himself? a lot of reason people were upset with him, that the country was slit on this election was because it seems other people got the job of doing that actual nitty-gritty during the negotiation. is that going to change...
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joining me now is a man that needs no introduction, former senator alan simpson, withers skin bowles and be on the group with a group of bipartisan business leaders and deficit hawks getting something done, meeting with republicans and democrats. do you have any more optimism let me point out you and your pal erskine bowles, he was quoted as saying he's more pessimistic something will be accomplished. >> my poor dear partner, bloodied but unvowed, six months ago erskine was saying i think we can get there. now, he's pessimistic. would be a word. we were just with a group go big or go home, democrats and republicans alike, they've got signatures of over 200 -- 102 house members, half of the senate working for us, equally divided on both sides, you have to have something bipartisan. you can write it on a single sheet of paper if it had firewalls and triggers, and if it were just signed by an equal number of democrats and republicans, the markets would lay off of us. if they continue to see this dead-head struggling, the same old stuff, they're going to punish us. when they do the guy t
joining me now is a man that needs no introduction, former senator alan simpson, withers skin bowles and be on the group with a group of bipartisan business leaders and deficit hawks getting something done, meeting with republicans and democrats. do you have any more optimism let me point out you and your pal erskine bowles, he was quoted as saying he's more pessimistic something will be accomplished. >> my poor dear partner, bloodied but unvowed, six months ago erskine was saying i think...
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he's got more healthcare cuts than simpson-bowles proposed. he doesn't do it by transferring -- martha: that deal did not go through. do you expect the president will sit down with leadership this week to discuss this and take a leadership role in this fight? >> the president is taking a leadership role in this fight. i think people need to sit down as they have looked for ways to find progress. as you know the president already had the congressional leaders to the white house a little while back. people are pursuing different ideas right now to try to make -- to try and prevent us from going over the fiscal cliff, and the president has laid out a very clear map, road map for how we do that. martha: all right we walked right up to it in the grand bargain and then it didn't happen. we all hope that you all will be successful in your work this time around and we thank you very much for being with us today, good conversation, representative. thank you very much. bill: a new challenge to obamacare that some argue will put the issue back in front o
he's got more healthcare cuts than simpson-bowles proposed. he doesn't do it by transferring -- martha: that deal did not go through. do you expect the president will sit down with leadership this week to discuss this and take a leadership role in this fight? >> the president is taking a leadership role in this fight. i think people need to sit down as they have looked for ways to find progress. as you know the president already had the congressional leaders to the white house a little...
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whether it's simpson bowles or the super committee is to have three or four dollars in spending cutting for every dollar in revenue. >> brian: will there be entitlement? medicaid or medicare? >> bob: yes. >> brian: durbin said he would be interested in that. is the president going to keep it to 250,000? that is a negotiating point. if eric cantor said don't talk to me about raising rates that would be wrong. warren buffett says $500,000 should be the threshold. why is the president saying it's $250,000 or i am not signing it? >> kimberly: it's campaign promises. that is his political ideolog ideology. instead of what is best for the country. >> eric: put you on the spot -- >> kimberly: the math shows it won't make a difference. why is he doing it in any way? because he said he would. not good enough reason. obligation to the country. >> bob: he said he wouldn't allow tax cuts to go for people making that money. i think that between that and entitlement reform you will get a deal. >> eric: let me ask this question. i call grover norquist, what is going on here? he said read between the l
whether it's simpson bowles or the super committee is to have three or four dollars in spending cutting for every dollar in revenue. >> brian: will there be entitlement? medicaid or medicare? >> bob: yes. >> brian: durbin said he would be interested in that. is the president going to keep it to 250,000? that is a negotiating point. if eric cantor said don't talk to me about raising rates that would be wrong. warren buffett says $500,000 should be the threshold. why is the...
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Nov 9, 2012
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simps simpson-bowl simpson-bowles, but it's simpson-bowles plus, that if you simplify the tax code and you put favoring rich taxpayers, by giving them all these tax breaks and so forth and so on, and say you're going to pay 25% or 27% or whatever it is, the models do, in fact, show, despite what the president said during the campaign that it's fixsy dust or fairy dust the models do show and it's based on what we did in the 1997 balanced budget act with president clinton. the revenue came in faster than we anticipated, the budget was brought into balance. and so, there is a common ground here and that is you can create over $1 trillion over the next ten years of new revenues to the government without raising the marginal tax rates, and if that doesn't work, then you have to go back to your tool box and say, okay, that doesn't quite work, so now what do we have to look at next? i think that's what the speaker's talking about. he has my full support. and if that's what the tea poert position is, this should be a day at the beach next week. >> and by the way, i think that it's not going to
simps simpson-bowl simpson-bowles, but it's simpson-bowles plus, that if you simplify the tax code and you put favoring rich taxpayers, by giving them all these tax breaks and so forth and so on, and say you're going to pay 25% or 27% or whatever it is, the models do, in fact, show, despite what the president said during the campaign that it's fixsy dust or fairy dust the models do show and it's based on what we did in the 1997 balanced budget act with president clinton. the revenue came in...
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erskine bowles, coauthor of the simpson-bowles plan, they want the business community to hear their ideas after president obama met with ceos two weeks ago. a big deal should include spending cut and reforms. >> chief white house correspondent ed henry is reporting that both sides cannot agree on whether they are still talking. >> the republicans suggest fiscal talk hit impasse and demand that president obama show leadership to break it. >> we'll wait on the president and hope he can bring people together to forge a compromise. if he does, we will get there and if he doesn't, we won't. that simple. white house released a report on cyber monday warning that a deadlock would crush retailer and devastate consumer spending, white house spokesman carney pushed back on the idea that the talks are stalled, as well as that the president is not showing leadership. >> so he spent mixed signals on the white house willingness to make concessions. >> he is clear about the president's interest and willingness to compromise. but also, his clear insistence that he will not sign an extension of the bush e
erskine bowles, coauthor of the simpson-bowles plan, they want the business community to hear their ideas after president obama met with ceos two weeks ago. a big deal should include spending cut and reforms. >> chief white house correspondent ed henry is reporting that both sides cannot agree on whether they are still talking. >> the republicans suggest fiscal talk hit impasse and demand that president obama show leadership to break it. >> we'll wait on the president and hope...
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if we get a deficit grand bargain into place, note that paul ryan voted against simpson/bowsimpson simpson/bowles, if we get that in place, suddenly that argument is off the table. so, it's not going to be all that easy for some of these people to say, okay, we're finished here. i think it's a mistake to accuse politicians of having too much cynicism. lot of people painted themselves into a corner, an identity of being very, very pure conservative deficit hawks. it's going to be hard for them to let that go. >> speaker boehner said over the weekend, he doesn't want to box himself in, do you feel confident that he's going to come to the table and he'll be workable on a situation? >> i rarely feel confident about congress. speaker boehner has shown that he wants to cooperate. the republicans lost the election in 2012. so, he's got his own legacy incentives to make this happen. something people didn't notice boehner's speech a week ago, came before the new republicans came to d.c. where he was leading from behind, so to speak, doing outreach and very concerned about whether or not he can keep
if we get a deficit grand bargain into place, note that paul ryan voted against simpson/bowsimpson simpson/bowles, if we get that in place, suddenly that argument is off the table. so, it's not going to be all that easy for some of these people to say, okay, we're finished here. i think it's a mistake to accuse politicians of having too much cynicism. lot of people painted themselves into a corner, an identity of being very, very pure conservative deficit hawks. it's going to be hard for them...
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co-author of the simpson-bowles and the republicans want the business community to hear their ideas and make the case a big deal should include spending cuts and reforms. >>shepard: thank you, mike, from capitol hill. grover norquist will join neil cavuto next hour and talk about breaking the anti-tax pledge by some republicans. >> the generation leader who brokered the cease-fire between israel and hamas is in a world of hurt now standing by a you positive we are grab that sparked violent protests. egyptian president morsi is trying to ease the violent backlash over his new power. here is the back story. president morsi essentially gave himself total power over egypt issuing a number of decrees including all decisions he makes are final so the judges do not have any say and another that states that no legislature and no court can overturn any law he makes. so, poof, he dictator, saying he is trying to speed up the government transition but opponents argue he has appointed himself a new dictator and egyptian health officials say violent clashes between police and the pro democracy d
co-author of the simpson-bowles and the republicans want the business community to hear their ideas and make the case a big deal should include spending cuts and reforms. >>shepard: thank you, mike, from capitol hill. grover norquist will join neil cavuto next hour and talk about breaking the anti-tax pledge by some republicans. >> the generation leader who brokered the cease-fire between israel and hamas is in a world of hurt now standing by a you positive we are grab that sparked...
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. >> he says they should share the recommendation shared by simpson-bowles. there is not much time left to work things out. >> wendell goler live on the north lawn. do you think congress should raise the taxes on millionair millionaires? let me know on twitter. the stocks were mixed to open the week. dow lost a fraction. nasdaq last half a point. new heading to the twitter verse. you should pay attention. that's later in grapevine. up next, is israel getting involved in syria civil war? beef, meet flavor boost. flavor boost, meet beef. it's swanson flavor boost. concentrated broth to add delicious flavor to your skillet dish in just one stir. mmm! [ female announcer ] cook, meet compliments. get recipes at flavorboost.com. >> bret: iran is trying to give the u.s. and israel something to think about, as tensions escalate over the nuclear program. iran is conducting large scale air defense drills featuring jet fighters, drones and about 8,000 troops. the week-long exercise covers the entire eastern half of iran. there are fears tonight that syria's civil war co
. >> he says they should share the recommendation shared by simpson-bowles. there is not much time left to work things out. >> wendell goler live on the north lawn. do you think congress should raise the taxes on millionair millionaires? let me know on twitter. the stocks were mixed to open the week. dow lost a fraction. nasdaq last half a point. new heading to the twitter verse. you should pay attention. that's later in grapevine. up next, is israel getting involved in syria civil...
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the simpson-bowles commission was only a starter. it wasn't a solution. the reality is this government is too big, growing too fast, trying to do too much for too many. a child, a 12-year-old with a basic understanding in this country that would equate to, a second grade math comprehension could understand this isn't working. and we have people playing such games, such silly games in washington. and do we go over the cliff? right now i would say the odds are very high that we do because these people have no appreciation for their responsibilities. either to themselves, their constituents or to the country. megyn: lou dobbs, always interesting talking to you. thank you so much for being here. >> thank you. megyn: we'll call it a cyber monday twist. a group of countries led by china, russia and iran pushing for a deal this week that would give the united nations control over the internet. a look what that could mean for america just ahead. >>> democracy under attack in egypt after that country's first freely elected president make as power grab putting him
the simpson-bowles commission was only a starter. it wasn't a solution. the reality is this government is too big, growing too fast, trying to do too much for too many. a child, a 12-year-old with a basic understanding in this country that would equate to, a second grade math comprehension could understand this isn't working. and we have people playing such games, such silly games in washington. and do we go over the cliff? right now i would say the odds are very high that we do because these...
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chuck schumer publicly said i like simpson bowls in the it made an effort but i don't like what they're trying to do with taxes. we can't do this with tax reform. taxes should go up. he wants to move the negotiating position on the democrats in a little bit of a different direction. so what president obama has to navigate is that politics a lit bit in the senate. senate democrats more emboldened. they netted some seats. they didn't just hold their majority. they got a stronger majority. >> right. >> so i think before he goes out too publicly he's got make sure -- the white house has to make sure they're on the same page as harry reid and vice versus, i think that's why there's a little bit of hess tans to responding to speaker boehner too soon. >> who are his point people? >> jack liou, tim geithner as well, he's a part of this. >> but he's a lame duck treasury secretary. what about the players who might be brought into the mix? what are we hearing. >> jack is one of the players. that's why it's going to fell less lame duckish. geithner does have good personal relationships on the repub
chuck schumer publicly said i like simpson bowls in the it made an effort but i don't like what they're trying to do with taxes. we can't do this with tax reform. taxes should go up. he wants to move the negotiating position on the democrats in a little bit of a different direction. so what president obama has to navigate is that politics a lit bit in the senate. senate democrats more emboldened. they netted some seats. they didn't just hold their majority. they got a stronger majority....
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Nov 12, 2012
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the simpson-bowles commission which simpson and bowles wrote a plan that included taking taxes up to 21% over 10 years with spending cuts that were really written in out line form. the challenge is the president has not put any real spending cuts on the table. when he talks about his budget, it includes $800 billion in savings from not continuing the iraq war for the next century which no one was planning to do. and he counts between $1 trillion and $2 trillion in spending cuts that have been passed into law. the spenting cuts from the budget control act. he wants to count a second time. he hasn't put real spending reduction and certainly no entitlement reforms on the table. until he does it's all a campaign. shannon: the president did put together a budgetary framework that got zero votes. no republicans, no democrats. so he has a big thanks ahead of him. he has an issue of leadership that speaker boehner calls on him to step up on. there seems visibility very little common ground. you mentioned entitlement reform. politicians do talk about it but they are afraid lit cost them their
the simpson-bowles commission which simpson and bowles wrote a plan that included taking taxes up to 21% over 10 years with spending cuts that were really written in out line form. the challenge is the president has not put any real spending cuts on the table. when he talks about his budget, it includes $800 billion in savings from not continuing the iraq war for the next century which no one was planning to do. and he counts between $1 trillion and $2 trillion in spending cuts that have been...
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Nov 23, 2012
11/12
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an idea from the simpson bowls presidential commission would get rid of the charitable deduction for most taxpayers and replace it with a 12% flat raet. either would have an impact on major institutions that rely on big donations like hospitals and universities. >> let me give you an example. a 1% decline in giving to american higher education would result in a loss of $300 million a year to colleges and universities. >> reporter: nonprofits have launched a new lobbying effort including this website asking charities to contact their members of congress. the deduction has broad support with 68% of americans opposed to making changes according to a gallup poll from last year. but washington is running out of time and options with the fiscal cliff looming at the end of the year. and the charitable deduction is not the only one on the negotiating table. congress could also make changes to the home mortgage ierest deduction, there could be changes to the property tax write-offs, also another popular one is the capital gains exemptions on home sales. so there's a lot riding on the line her
an idea from the simpson bowls presidential commission would get rid of the charitable deduction for most taxpayers and replace it with a 12% flat raet. either would have an impact on major institutions that rely on big donations like hospitals and universities. >> let me give you an example. a 1% decline in giving to american higher education would result in a loss of $300 million a year to colleges and universities. >> reporter: nonprofits have launched a new lobbying effort...
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Nov 30, 2012
11/12
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would like to see the president embrace the recommendations of his own bipartisan fiscal commission simpson-bowles. there are a lot of good ideas out there. but the president is still on the campaign trail and doesn't appear to be serious about averting this fiscal cliff cop the end of the year. megyn: some posit the president may want to go off the fiscal cliff because then we all get tax hikes. the so-called rich get tax hikes. then he will say tax hikes have gone up for everybody. so now you have got to agree to lower taxes on the middle class and you wouldn't be blamed with failing to stop them from going up on the rich. at that point how could you say no? >> it's not that simple because part of this equation involves things like the sequestration which goes into effect in january. $1.2 trillion in cuts in federal spending begin with the fiscal cliff will put us in a recession. then we have got the debt ceiling limit which is mid-february, early march. we need to wrap all of this up into a common sense bipartisan grand bargain. just game this out by saying we are going to dive off the fiscal c
would like to see the president embrace the recommendations of his own bipartisan fiscal commission simpson-bowles. there are a lot of good ideas out there. but the president is still on the campaign trail and doesn't appear to be serious about averting this fiscal cliff cop the end of the year. megyn: some posit the president may want to go off the fiscal cliff because then we all get tax hikes. the so-called rich get tax hikes. then he will say tax hikes have gone up for everybody. so now you...
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Nov 8, 2012
11/12
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if something is proven even president simpson-bowles, if something is proven to work, don't look at electorate, look at polls. that is what politicians are doing. >> not looking at polls. what the voters have decided. >> voters want more jobs and raising taxes will not create more jobs. >> the voters decided on president obama's agenda. listen i think there has to be compromise, don't get me wrong. i think everyone has got to give but reality in terms of dealing with the big problems, particularly entitlement reform, tax reform, the republicans are going to have to give on revenue. they will have to give on tax increases. if they do not, i do not think there will be a deal. jon: right now government expenditures are gobbling up a huge percentage of our gdp something like 24%, chris. that's, at near historic highs. is that really the appropriate way to grow the economy. >> but there is flip side to that. the flipside to that, if you look at spending, look at revenue, excuse me to gdp it is about 15%. we had collapse in revenues since the recession began. you have to have more revenues coming in
if something is proven even president simpson-bowles, if something is proven to work, don't look at electorate, look at polls. that is what politicians are doing. >> not looking at polls. what the voters have decided. >> voters want more jobs and raising taxes will not create more jobs. >> the voters decided on president obama's agenda. listen i think there has to be compromise, don't get me wrong. i think everyone has got to give but reality in terms of dealing with the big...
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Nov 28, 2012
11/12
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the simpson-bowles guys are like, all right. i realize that politically, that makes sense that you can make the rich have higher taxes, but what about the big picture? it's the tiniest fraction of the big pie. >> the president says we'll get to that later. he wants to get the win right now. demonstrate to his political pwaeurbgs the same folks that he had at the white house, demonstrate to these people, look gearing to break the backs of the republicans on this issue. we will make them accept higher taxes for ho top earners. and later we'll come around and deal with the bigger issues. republicans are looking to start laying the grounded work for a big deal now. what the president is trying to do is break the back of the republicans right now on the taxes to offset the spending cuts that republicans don't want on the military, and then once the republicans are in disarray then look about making a dole on entitlements. republicans are rightly skeptical. megyn: what would the republicans -- right now the republicans don't want to r
the simpson-bowles guys are like, all right. i realize that politically, that makes sense that you can make the rich have higher taxes, but what about the big picture? it's the tiniest fraction of the big pie. >> the president says we'll get to that later. he wants to get the win right now. demonstrate to his political pwaeurbgs the same folks that he had at the white house, demonstrate to these people, look gearing to break the backs of the republicans on this issue. we will make them...
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Nov 28, 2012
11/12
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i was at a breakfast with bowles and simpson this morning and erskine bowles saying he think there is's a 1 in 3 chance of this working out before the fiscal cliff is reached on december 31st. he said he's not hearing enough in terms of entitlements, medicare from the white house and not hearing enough from the republicans in terms of tax revenues. >> dana, i want to go back to the comments of representative tom cole, basically calling on republicans, urging them to extend the marginal tax rates for everybody. under $250,000, let's take a listen to what he had to say. >> in my view we all agree we're not going to raise taxes on people that make less than $250,000. we should take them out of the discussion right now. continue to fight against any rate increases, continue the try to work honestly for a much bigger deal. >> now, i actually don't think that's such a bad strategy for republicans in an awkward place politically right now basically the president is making the case that they're holding middle class tax cuts hostage to secure tax cuts for the wealthy. what do you make of the str
i was at a breakfast with bowles and simpson this morning and erskine bowles saying he think there is's a 1 in 3 chance of this working out before the fiscal cliff is reached on december 31st. he said he's not hearing enough in terms of entitlements, medicare from the white house and not hearing enough from the republicans in terms of tax revenues. >> dana, i want to go back to the comments of representative tom cole, basically calling on republicans, urging them to extend the marginal...
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Nov 28, 2012
11/12
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you know what, simpson-bowles warned us about this. if we have draconian cuts as the other side has recommended, what we're going to have is a worse situation and a renewed recession and i don't think you want that, and i don't want that, am i correct. bill: a lot of folks would say 16 trillion in debt is something that is unacceptable. >> it is unacceptable. bill: this is the editorial from the "washington post" now okay. at some point president obama has to prepare the american people and his own supporters, most of all, for the hard decisions required to put the country on a sound financial footing. only one person is in a position to make it happen. i'll give you the last word. when will it happen? >> the yes is there's going to be a review, and it has been going on since the healthcare act of what hedda car medicare does and what it does not do. that does not mean have you to reduce the benefits of those who paid into the program. that we have to make clear before we even discuss medicare. it should not be in this deal. give the m
you know what, simpson-bowles warned us about this. if we have draconian cuts as the other side has recommended, what we're going to have is a worse situation and a renewed recession and i don't think you want that, and i don't want that, am i correct. bill: a lot of folks would say 16 trillion in debt is something that is unacceptable. >> it is unacceptable. bill: this is the editorial from the "washington post" now okay. at some point president obama has to prepare the...
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Nov 8, 2012
11/12
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you've mentioned bowles-simpson, that has renewed efforts today. if you can prognosticate listening to luke sage -- luke russert, sage of capitol hill on this, if not kumbaya, is there a chance, though that things may be done to avert taking the country over the fiscal cliff and bigger deals after the new year? there there is if both sides understand what the other side needs to make a deal, that's always crucial in negotiations. all of the negotiations i've done with legislatures or labor unions, understand what the other side needs. for example, luke said republicans can't accept 250 to raising taxes on 250 and over. could they accept millionaire's tax which would give our ideological base a little bit of victory, not the entire victory they want, and it would give the republicans a little bit of face saving that they didn't, you know, drew the line much higher. that would be number one. number two, i think we need to, and you know i'm co-chair of the campaign to fix the debt with judd gregg, the ex-republican senator from new hampshire, our posi
you've mentioned bowles-simpson, that has renewed efforts today. if you can prognosticate listening to luke sage -- luke russert, sage of capitol hill on this, if not kumbaya, is there a chance, though that things may be done to avert taking the country over the fiscal cliff and bigger deals after the new year? there there is if both sides understand what the other side needs to make a deal, that's always crucial in negotiations. all of the negotiations i've done with legislatures or labor...
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Nov 10, 2012
11/12
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the same approach given president obama by the bowles-simpson commission. in washington, jim angle, fox news. >> arthel: thanks for breaking that down. by the way, nearly a quarter million customers without power, nearly two weeks after hurricane sandy. we're going to talk to an expert about what rights consumers have when they're left in the dark >> rick: bottom of the hour. day 12 without power for hundreds of thousands of storm victims on long island, new york. some are protesting against the local utility company. new details on the f.b.i. investigation behind the resignation of c.i.a. director david petraeus. the agency reportedly started monitoring the general's e-mails after reports that his biographer, paula broadwell, may have had access to his personal account. conversations between petraeus and broadwell allegedly revealing the affair. >>> a 4.3 quake hitting kentucky. it could be felt for miles around. residents in eight other states also report feeling the tremors. >> arthel: rick, residents aren't the only ones complaining. the governor of new
the same approach given president obama by the bowles-simpson commission. in washington, jim angle, fox news. >> arthel: thanks for breaking that down. by the way, nearly a quarter million customers without power, nearly two weeks after hurricane sandy. we're going to talk to an expert about what rights consumers have when they're left in the dark >> rick: bottom of the hour. day 12 without power for hundreds of thousands of storm victims on long island, new york. some are...